Indeed. Now only the very top management have the privilege of private offices. I've worked on a +400,000 sqft campus where only a handful of top managers had private offices. Generally, you have a private office only if you are important enough that you also have a personal secretary.
On the plus side, most modern office buildings are shoving the private offices toward the interior, with open offices around the perimeter having actual daylight. We can thank the USGBC and LEED certification for a lot of that.
You'd have trouble designing a more depressing environment than an open office in a building interior with fluorescent troffers if you tried. Good riddance.